The FASB's Private Company Council (PCC) sent to the FASB a proposal that would make it easier for private companies to adopt special accounting alternatives if they missed the window for the alternatives' effective dates. The proposal would give companies a one-time option to elect a private company accounting alternative without having to conduct a test in U.S. GAAP known as the "preferability assessment."Read Full Article →

(Reuters) - A slowdown in healthcare spending has shored up the funding outlook for the federal program that pays elderly Americans' hospital bills, trustees of the program said on Wednesday.Read Full Article →

The Tax Court has held that, where members of a consolidated group have cancellation of debt (COD) income that is excluded under Code Sec. 108, and the attribute that is reduced as a result of that exclusion is net operating loss (NOL), it is the consolidated group's NOL, not the members' NOLs, that is reduced.Read Full Article →

(Reuters) - Amazon said on Wednesday it would expand a marketplace that offers services from plumbing to fence repairs in 15 cities and help customers find contractors for more expensive home projects as it develops its role as a middleman for third-party vendors. The e-commerce giant said it now had more than 15 million unique services offered through its home services marketplace, up from 2 million when it launched in March.Read Full Article →

(Reuters) - Toshiba Corp's chief executive Hisao Tanaka and a string of other senior officials resigned on Tuesday for their roles in the country's biggest accounting scandal in years.Read Full Article →